TRANSIT INSURANCE PROGRAM
A transit insurance program is offered to pork producers by Indiana Packers Corporation. Benefits of this program are listed below.
Immediate Claims Payment
For death losses only, which occur as a result of transit, Indiana Packers Corporation will reimburse the producer through the respective settlement payment of the corresponding load of hogs.
- No filing claim with underwriter
- No waiting for claims payment
Competitive Rate
The cost for this program is a base rate of $.3500 per $100 sales. The insurance rates for each producer are reviewed semi-annually and are subject to change with written notification to each producer. There are three levels of insurance rates:
- Low Risk $.3500 per $100 sales;
- Moderate Risk $.4000 per $100 sales; and
- High Risk $.5000 per $100 sales.
Defined Coverage
Coverage is defined for animals which die in transit only. Any hogs that are loaded with the intent to resale are not covered by the transit insurance (for example: boars, sows, small pigs, large abscesses, scars, broken legs, and down hogs). Also not covered under this policy is the mishandling of hogs and trucker negligence (for example, overloading, excessive beating, prodding or any other inhumane treatment of the hogs). All trucking companies and individuals must have a completed bill of lading accompanying each load of hogs.
Individual producers with excessive death loss could be subject to, but not limited to, the following:
- Increased premiums; and
- Termination from the insurance program.
No Deductible
First dollar coverage.
Automatic Coverage
No reports to complete. Values will be reported by Indiana Packers and premiums will be charged automatically.
Producer Cancellation
In the event a producer wishes to cancel coverage, Indiana Packers Corporation will do so with a signed copy of the Insurance Cancellation Form. Indiana Packers Corporation is not obligated to offer the insurance program at a specific date in the future. Furthermore, Indiana Packers Corporation is not responsible for death or injury to livestock during transit.
Right to Cancel
Indiana Packers reserves the right to discontinue or cancel this coverage for individual producers or for group coverage with written notification. Indiana Packers Corporation's goal is to offer the producer a fair and well maintained insurance program with maximum coverage while maintaining the lowest rates possible.
Please contact the Procurement Department at Indiana Packers Corporation if you have any questions.